New Program Proposal. University of South Carolina. Program Title: Accelerated Masters of Business Administration (AMBA) May 13, 2011

Transcription

1 New Prgram Prpsal University f Suth Carlina Prgram Title: Accelerated Masters f Business Administratin (AMBA) May 13, 2011 Dr. Harris Pastides, President Prgram Cntact Name: Christine LaCla Prgram Cntact Infrmatin: Mre Schl f Business, USC christine.lacla@mre.sc.edu

2 I. Classificatin Prgram Name: Academic Unit: Designatin, Type, Level: Accelerated Masters in Business Administratin Mre Schl f Business AMBA, Masters, Graduate Implementatin Date: Summer 2013 CIP Cde: Site: USC-Clumbia Qualifies fr Palmett Fellws Schlarship and Life Schlarship: yes _X_ n Delivery Mde: Traditinal II. Justificatin Prgram Prpsal: The University f Suth Carlina is submitting a New Prgram Prpsal fr a ne year Accelerated Masters in Business Administratin (AMBA) prgram. The riginating unit is the Mre Schl f Business. The AMBA will be a 43 credit hur prgram that shares almst all f its curse wrk with the existing Internatinal Masters in Business Administratin (IMBA) and leverages a range f existing electives cursewrk ptins available t all students in ur graduate prgramming. Purpse and Objectives f the Prgram: The Accelerated MBA prgram will utilize the unique glbal curricular cre f the existing Internatinal Masters in Business Administratin (IMBA) t prvide a quality graduate business educatin t students wh 1) desire t learn abut business frm the glbal perspective f the Mre Schl, 2) have a high perceived pprtunity cst f leaving the wrk frce fr mre than ne year, 3) place a high value n the Mre Schl s traditinal functinal business training in fields like Marketing, Finance and Operatins and 4) d nt desire a fcus n language acquisitin nr the immersive verseas experience ffered by the IMBA prgram. 1 With prpsed revisins t the IMBA schedule, the Accelerated MBA fits extremely well and utilizes classrm resurces in a very efficient manner. Justificatin f the Need fr the Prpsed Prgram: The University f Suth Carlina s flagship MBA prgram is the Internatinal Masters in Business Administratin, r IMBA. The IMBA has tw primary tracks: a Language Track where students spend the secnd semester f their first year learning ne f seven different languages at an verseas partner institutin, and a Glbal Track where students spend the secnd semester f their first year learning abut practical aspects f ding business in verseas lcatins 1 In an internal Mre Schl survey f 74 students wh were admitted in 2007 but wh did nt enrll, 20% f the students wh prvided infrmatin abut the MBA prgram that they did enrll in indicated that ne f the reasns why was because the cmpeting prgram was accelerated. While the sample is small (19 students prvided this infrmatin), it is illustrative. 2

3 as well as taking a supervised tw week verseas business survey trip. Bth Language Track and Glbal Track students engage in summer internships and return t USC fr their secnd year when they take traditinal MBA elective curses in areas such as Marketing, Finance, Operatins Management, Strategy, and Internatinal Business. The IMBA is the cmbined successr t what were previusly a separate Masters in Internatinal Business Studies (MIBS) and Masters in Business Administratin (MBA). Bth were tw year prgrams. Because f the uniqueness f the timing f the MIBS prgram, the tw prgrams perated with independent first year cre curse sequences. In the secnd year, hwever, the tw prgrams effectively merged and shared elective classes. The MBA prgram typically appealed t reginal students wh were interested in the functinal training ffered by a traditinal MBA. The MIBS prgram, hwever, appealed t a much mre gegraphically diverse grup f students wh were interested in the internatinal aspects f business first, and the functinal aspect f business secnd. The semi-merged structure f the MIBS and MBA was inefficient in regard t the curse structures and utilizatin f faculty capacity. The Mre Schl established the IMBA prgram in The Language Track f the IMBA prvided the uniquely internatinal experience first established by the MIBS prgram. The Glbal Track prvided a mre traditinal MBA educatin, where lcal cursewrk and a typically U.S. based internship substitute fr the immersive internatinal experience ffered by the Language Track. The expectatin was that the merged IMBA structure wuld cntinue t appeal t the student bases f the MIBS and MBA prgram while imprving n a number f their deficiencies. Enrllment trends since 2001 suggest that this expectatin was misplaced. As with every industry, the cmpetitive landscape in MBA educatin is changing rapidly and attracting qualified students becmes mre difficult every year. Thus, the Mre Schl is significantly revising the IMBA prgram in a manner that will mre heavily emphasize the unique glbal experience ffered by the Language Track while eliminating the Glbal Track. In the newly revised IMBA prgram, all students will be required t meet mre demanding requirements fr language acquisitin and als d a mre extensive verseas internship where they will have pprtunities t enhance their language and cultural skills. The revised IMBA curriculum demands a prgram that is at least tw years lng because f the need fr language acquisitin and because f the need fr an extensive verseas internship. The Glbal track in the frmer IMBA prgram was designed t serve students wanting cverage f required and elective cursewrk in business. Hwever, in rder t make a prgram cmparable in length t the Language track, additinal cursewrk and a lengthy internship was als required. Questins have been raised abut the value f this additinal cursewrk and lengthy internship, particularly amng mre experienced students with significant pprtunity csts assciated with the lnger time-t-cmpletin. T address these questins, it was determined that the glbal track f the IMBA prgram as currently ffered shuld be replaced with a new prgram (AMBA) that was mre fcused n traditinal business fundatins and elective cursewrk. Such a prgram wuld meet the needs f thse with technical r industry expertise but wh wuld benefit frm an imprved understanding f business fundamentals. Such a prgram wuld als meet the needs f thse pursuing jint degree pprtunities at USC (e.g. JD/MBA, MPH/MBA, r Pharm.D/MBA). Finally, it wuld meet the needs f a grwing number f internatinal students interested in pursuing graduate business training via ne-year prgrams. Fr example, in Eurpe, ne-year MBA prgrams are mre cmmn than in the U.S. 3

4 In sum, in place f the IMBA Glbal Track, the Mre Schl wishes t ffer the Accelerated MBA. An accelerated MBA fcused n business fundatin and elective cursewrk fits nicely with the revised IMBA prgram. A number f the curses ffered in the revised IMBA prgram will be used in the AMBA prgram. Further, by fcusing cursewrk n traditinal business fundatin and elective cursewrk, we will be able t shrten the prgram in a way that meets the needs f mre experienced students, thse in jint-degree prgrams, and a significant number f internatinal students. Meeting the needs f these types f students via accelerated prgrams has becme increasingly imprtant within the marketplace. As student debt has increasingly becme an issue, a grwing prtin f thse seeking graduate business degrees are cnsidering prgrams that allw them t reduce the number f years ut f the wrkplace. While there is definitely a place fr tw year prgrams that prvide high levels f expertise in distinctive areas (e.g., the language and cultural expertise ffered by the revised IMBA prgram), there is grwing demand fr accelerated prgrams that minimize career disruptin. It shuld be nted that with the renewed fcus n language mastery and verseas experiences in the IMBA prgram, we expect the size f the revised IMBA prgram t shrink by ver 50%. Thus, the additin f AMBA wuld nt prvide additinal capacity it wuld simply replace the capacity that was nce ffered by the glbal track f the IMBA prgram. T be specific, we currently ffer tw sectins f required cursewrk fr the existing IMBA prgram. With the revisin f the IMBA prgram (and the additin f the AMBA prgram) we wuld still nly ffer tw sectins f required cursewrk fr the cmbined needs f the IMBA and AMBA prgrams. With regard t the demand fr graduates, ur best pint f cmparisn wuld be graduates f the glbal track in the IMBA prgram. Fr such students, the average salary is $81,000 (with a range frm $50,000 t $122,000) and 71% are placed within 90 days f graduatin. Students are placed in industry sectrs such as technlgy, financial services, cnsumer prducts, and manufacturing. Students have btained psitins in firms such as Amazn, FedEx, and Cummins. Centrality f the Prgram t USC Missin: Cnsistent with the University s educatinal missin, the prpsed prgram aims t prvide students with the knwledge, skills, and values that are required t succeed in a cmplex and rapidly evlving glbal business envirnment. The Accelerated MBA will be attractive t distinct subsets f prspective students. The first subset is Suth-East and Mid-Atlantic regin residents wh are interested in the functinal skills ffered by a high quality MBA, recgnize and value the glbal rientatin inherent in ur cre discipline prgramming but nt necessarily in the verseas immersin ffered in the Language Track f the IMBA. While this reginal grup is a significant part f the current Glbal Track in the IMBA prgram, the Accelerated MBA will likely be even mre attractive as it will be mre directly targeted t building functinal expertise. Anther applicant subset that the Accelerated MBA will likely attract is internatinal students wh already knw mre than ne language. The IMBA Glbal Track already has significant representatin frm this grup. Survey data frm the Graduate Management Admissins Cuncil, hwever, indicates that internatinal students are mre likely t lk at accelerated prgrams when evaluating MBA alternatives than are dmestic students. 2 The third grup f applicants wh will be better served with this prpsed AMBA prgram are thse students wishing t pursue ther graduate degrees at USC in tandem with this degree. Students studying law, pharmacy and engineering typically d nt demand the verseas and language 2 The 2008 GMAC Applicatin Trends Survey reprts that 46% f applicants t full-time tw year MBA prgrams in the U.S. are internatinal. In cmparisn, 57% f applicants t full-time accelerated MBA prgrams are internatinal. 4

5 immersin t cmplement their ther prgram f study. We believe that the cupling f business study with graduate wrk in these fields prduces high caliber, and highly sught-after graduates wh play imprtant rles in leading industries. T further the develpment f the management cadre available within Suth Carlina, the state has t educate its existing ppulace well, while als attracting high-quality individuals frm ut f state. The Accelerated MBA prgram at the University f Suth Carlina will cntribute t bth f these bjectives. Relatinship f the Prpsed Prgram t Existing Prgrams: Accrding t a 2009 article in the Wall Street Jurnal, abut 90 accredited schls wrld-wide ffer the accelerated MBA. Such prgrams are mre the nrm in Eurpe, with leading examples such as Institut de Empresa in Madrid Spain, Internatinal Institute fr Management Develpment (IMD) in Lausanne Switzerland, and INSEAD in Fntainebleu France. In cmparisn, accelerated MBA prgrams traditinally have been less cmmn in the United States. Accrding t data cllected by the Assciatin fr Advancement f Clleges and Schls f Business (AACSB) in 2007, aggregate enrllment in accelerated MBA prgrams in the U.S. was apprximately 15% f aggregate enrllment in traditinal tw year dmestic MBA prgrams. 3 Hwever, trends pint t a much mre significant rle t be played by accelerated MBA prgrams in the business educatin envirnment within the United States. These trends led the Kellgg Schl f Management at Nrthwestern University, ne f the leading business schls in the wrld, t recently annunced plans t reduce the size f its tw year MBA prgram and triple the size f its ne year prgram. This is cnsistent with changes in MBA fferings within the U.S. that have been dcumented in surces such as Business Week, changes which are likely t make ne-year MBA prgrams an essential and cmmn part f what majr business schls ffer as part f graduate prgramming. While there are ther institutins in Suth Carlina that ffer sme frm f an accelerated MBA prgram, this is t be expected in light f the increasingly imprtant rle such prgrams are playing in the business educatin envirnment within the U.S.. It shuld be nted, hwever, that there are likely t be distinctive elements assciated with the prgram at USC. Because f ur prminent IMBA prgram, we actively recruit students thrughut Eurpe and Asia and, in ding s, participate in the Wrld MBA Fair. Indeed, at present, USC is unique within the state f Suth Carlina in this participatin. This vigrus internatinal recruiting effrt is likely t allw us t attract a glbally diverse set f students. Mrever, this glbally diverse set f students wuld have access t highly regarded faculty in the area f internatinal business and als a glbally-riented curriculum ne which leverages the strengths f the Darla Mre Schl f Business in the internatinal arena. T ur knwledge, tw public institutins in Suth Carlina ffer sme frm f an accelerated MBA prgram. The first f these is at the Cllege f Charlestn. Their prgram accepted its first class in fall The Cllege f Charlestn MBA is a fairly lck-step 36 hur prgram that ffers a cncentratin in either marketing r finance and requires n wrk experience. In its applicatin t the CHE, the Cllege f Charlestn indicated that the target ppulatin wuld be pre-experience students recruited largely frm the Cllege f Charlestn. Thus, we wuld anticipate perating in very different markets. Clemsn University als ffers a ne year 36 credit hur ptin in its MBA prgram. In Clemsn s case, hwever, nly students with an undergraduate business degree and at least tw years f relevant wrk experience are eligible fr the accelerated ptin. These students freg 13 credit hurs f what are referred t as fundatin curses and mve directly int cre curses and electives. 3 Accrding t bth the 2009 and 2010 GMAC Applicatin Trends Surveys, the percentage f prgrams reprting an increase in applicatin vlume was greater fr full-time accelerated MBA prgrams than fr full-time tw year MBA prgrams. This may reflect cncern by applicants abut accruing tw years wrth f educatin related debt during a particularly grueling recessin. 5

6 Reginally, there are accelerated MBA prgrams at Emry University, Flrida Internatinal University, Gerge Washingtn University, Mercer University, University f Flrida and University f Miami. There are, f curse, accelerated MBA prgrams utside f the Sutheast and Mid-Atlantic regin, but we think that the majrity f prspective dmestic applicants will cme frm these tw gegraphic areas. Within the state, there are als independent clleges that ffer accelerated MBA prgrams. Hwever, they serve a different market and have a different fcus. In mst cases in the U.S., accelerated MBA prgrams are paired with a traditinal tw year MBA prgram. The pairing is accmplished by having accelerated MBA students cmplete a cmpressed set f cre curses during the summer. These students then merge with returning tw year MBA students and take elective curses and perhaps a few residual cre curses during the fall and spring semester. Because f the limited time t cmplete cre curses, mst accelerated MBA prgrams in the U.S. target students that have an undergraduate degree in either business r ecnmics. One exceptin is Crnell University which targets students wh already have an advanced degree in a quantitative discipline such as engineering, physics, etc. Anther exceptin is the University f Flrida which matriculates students regardless f undergraduate majr. Presumably, they screen accelerated MBA students mre aggressively t ensure student retentin during the accelerated cre. In additin t existing degree entrance requirements, mst accelerated MBA prgrams are particular abut requiring that incming students have several years f relevant wrk experience. This is because recruiting fr full-time psitins typically cmmences in the fall and, withut an internship, students with relevant wrk experience are placed mre readily int firms. Schls place heavy emphasis n placement success because it factrs heavily in mainstream media MBA rankings, and rankings factr heavily in prspective student interest. Thus, we believe that AMBA prgrams are best suited fr students with prir prfessinal experience this is ur target ppulatin fr the AMBA. The Accelerated MBA prgram at the University f Suth Carlina will be unique in that it will utilize the already accelerated sequence f IMBA cre curses that begins in July and finishes in December. Because f the demgraphics f typical IMBA students, the existing sequence f cre curses presumes minimal pre-expsure t a business curriculum. Thus, the Mre Schl s Accelerated MBA will be pen t qualified students regardless f undergraduate majr. This is clearly an underserved niche in the U.S. in general, and Suth Carlina in particular. Like with mst accelerated MBA prgrams, the Mre Schl s sught-after student will already have several years f relevant wrk experience. Elective curses will be taken in three seven-week terms starting in January and running thrugh the end f June. Returning secnd year IMBA students will be utilizing the same elective curses during the first tw seven-week terms. The final seven-week perid may nly be used by accelerated MBA students. III. Enrllment Requirements fr admissin t the prgram cnfrm t the general regulatins f The Graduate Schl f the University f Suth Carlina. In rder t meet requirements f the Graduate Schl, applicants are required t submit the fficial graduate applicatin, an fficial transcript f their cmplete academic recrd (with minimum 2.75 G.P.A.), a resume, at least tw psitive letters f recmmendatin and GRE r GMAT scres. The mst desired applicants als will have at least three years f relevant wrk experience in a business setting. As with all graduate applicatins, several essay questins as well as supplementary interviews will be used t assess cmmunicatin skills, leadership ptential and cngruity between applicant and prgram gals. Based n existing applicatin trends as well as bservatins frm interactins with fcus grups, interviews with existing students, and interactins with prspective 6

7 applicants at MBA fairs, we anticipate an initial chrt f apprximately 30 students. We anticipate increasing the number f students in the prgram ver time t apprximately 60 students in fur years. We have cmbined the Prjected Ttal Enrllment table and the Estimated New Enrllment table int ne table titled Prjected New Enrllment. As this is a new, ne-year lck step prgram that replaces the IMBA Glbal Track and pens up a new, accelerated market (as nted abve), all enrllments will be new enrllments. There will be n student migratin frm existing graduate prgrams int the AMBA. 7

8 Prjected New Enrllment Year Summer Fall Spring Headcunt Credit Hurs Headcunt Credit Hurs Headcunt Credit Hurs IV. Curriculum The Accelerated MBA cnsists f 43 credit hurs. Curse delivery will ccur ver a 12-mnth span cmmencing in early July. Curse wrk will be scheduled in 7 mdules within the current USC academic calendar. Thus, the 12-mnth span will be brken up int a Summer 1, Summer 2, Fall 1, Fall 2, Spring 1, and Spring 2 terms. The tentative schedule is diagramed in Appendix A. All curses exist within the current graduate curriculum r were submitted fr apprval as part f the prpsed revisins t the IMBA prgram. The new curses submitted fr apprval with the IMBA prgram are DMSB 740: Management f Human Capital (cre), DMSB 741: Cmparative Institutinal Systems (elective), and DMSB 750: Capstne Experience (cre). A. Cre Curses (25 credit hurs) A minimum f 13 credit hurs frm a Business Fundatins Cre cnsisting f: DMSB Financial Accunting in the Glbal Envirnment (2 credits) DMSB Decisin Analysis (3 credits) DMSB Glbal Ecnmics (2 credits) DMSB Management Accunting in the Glbal Envirnment (2 credits) DMSB Infrmatin Systems (2 credits) DMSB Management f Human Capital (2 credits) DMSB Leading Teams and Organizatins (2 credits) 8

9 9 credit hurs frm a Functinal Cre cnsisting f: DMSB Glbal Finance (3 credits) DMSB Glbal Marketing Management (3 credits) DMSB Operatins Management (3 credits) 3 credit hurs frm a capstne class at the end f the curriculum DMSB Capstne Experience (3 credits) B. Electives (18 credit hurs) Electives will cme frm the set f apprved Mre Schl electives (3 credits each) The Accelerated MBA prgram s learning utcmes include: Our students will be able make cmpetent business decisins using creative decisin-making skills that encmpass ethical, analytical, and culturally sensitive dimensins. Our students will be able t deal with business prblems frm an integrated business, ecnmic and cultural perspective. Our students will have an in-depth understanding f at least ne functinal area f business. Our students will have an awareness f glbal business issues. Our students will develp leadership skills t functin successfully in a business envirnment. Our students will develp team skills that enable them t be cntributing members f effective prblem slving teams. Our students will becme effective verbal and written cmmunicatrs The assessment f learning utcmes will be cnducted using the existing assessment structure at the Mre Schl and will utilize curse embedded appraches, wrk frm interdisciplinary-based case studies and prject assignments. We will als include lnger-term assessments f students taken several years after graduatin. The cmprehensive assessment vehicle is the Capstne curse, DMSB 750. V. Faculty The prgram will be delivered by existing faculty. Faculty teaching in the prpsed degree prgram will hld a Ph.D. that is relevant t their fields r have a Masters degree in a relevant discipline, cupled with practical experience that enables them t be Prfessinally Qualified in accrdance with apprpriate accreditatin requirements. Faculty develpment will ccur in accrdance with nging plicy fr all faculty in the Mre Schl f Business. 9

10 Prgram Administratin and Staff Administrative supprt fr the prgram will be prvided using existing persnnel frm the Graduate Divisin within the Mre Schl f Business. UNIT ADMINISTRATION/FACULTY/STAFF SUPPORT YEAR NEW EXISTING TOTAL Headcunt FTE Headcunt FTE Headcunt FTE Administratin Faculty Staff VI. Physical Plant The existing physical plant is adequate fr the needs f the prgram. N mdificatins are anticipated. Matriculatin fr bth the IMBA and Accelerated MBA can be managed s that the cmbined student cunt fully ccupies classrms currently used in the IMBA prgram. Nte that the Mre Schl f Business expects t mve t its new building by spring f

11 VII. Equipment Existing equipment will be sufficient fr the needs f the prgram. VIII. Library Resurces The University f Suth Carlina and Mre Schl libraries currently subscribe t a wide range f databases and nline jurnals. N additinal library resurces are required t supprt the prgram. IX. Accreditatin, Apprval, Licensure, r Certificatin Accreditatin fr this prgram is in accrdance with University s accreditatin by the Suthern Assciatin f Clleges and Schls (SACS) and the Darla Mre Schl s accreditatin by the Assciatin t Advance Cllegiate Schls f Business (AACSB). X. Articulatin There are n similar prgrams that are ffered at institutins f higher educatin in Suth Carlina. Fr prfessinal students, this degree is a terminal degree in Business. Articulatin agreements with undergraduate prgrams in Internatinal Business at ther institutins are feasible. 11

12 Estimated Csts Start up csts f the Accelerated MBA prgram will be lw because we will be able t redeply resurces frm the clsing f the glbal track within the IMBA prgram and because f the capacity t share curses with ther graduate prgrams (e.g. IMBA and PMBA). We anticipate the need fr 6-8 incremental class sectins due t scheduling and class size cnstraints. Redeplyment frm the terminatin f the glbal track will allw fr thse incremental sectins t be added withut incremental csts. These revenues and csts reflect the full prgram delivery f the new prgram. Tuitin and fees are estimated at an average per student prgram fee f $40,000. Faculty csts are estimated with an FTE f five faculty with an average f 3.5 curses taught per academic year. Table fr Ttal Csts t the Institutin and Surces f Financing COSTS Ttals Prgram Administratin Faculty Salaries (regular and adjunct, including Prgram Administratr) Graduate Assistants Clerical/ Supprt Persnnel Supplies and Materials Library Resurces 90,000 90,000 90, , , ,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 5,000,000 20,000 20,000 20,000 20,000 20, ,000 Equipment Facilities Other (Marketing Expenses) 100,000 75,000 75,000 75,000 75, ,000 Other (Technlgy Interface) Ttal Csts 1,210,000 1,185,000 1,185,000 1,195,000 1,195,000 5,970,000 12

13 SOURCES OF FINANCING BY YEAR Ttals Estimated FTE Revenue Generated frm State Tuitin and Fees Funding Other State Funding Reallcatin f Existing Funds Federal Funding Other Funding 1,200,000 1,600,000 2,000,000 2,400,000 2,400,000 9,600,000 Ttal Funding 1,200,000 1,600,000 2,000,000 2,400,000 2,400,000 9,600,000 Net Cash Flw t Univ. -10, , ,000 1,205,000 1,205,000 3,630,000 Institutinal Apprval Mre Schl f Business Graduate Prgrams Faculty Cmmittee (GPFC): May 4, 2011 Mre Schl Cllege-Wide Faculty Vte: May 11, 2011 University f Suth Carlina Graduate Cuncil: Octber 24, 2011 University f Suth Carlina Bard f Trustees: December 13,

14 Appendix A: Prspective AMBA Curse Schedule 43 Credit Hur AMBA Summer 1 Summer 2 Fall 1 Fall 2 Spring 1 Spring 2 Business Fundatins (13 f 15) Dec. Analysis 1 (3) Ecnmics (2) Mgr Acct. (2) Financial Acct. (2) Human Res. (2) Leading Teams (2) Inf Systems (2) Glbal Functinal Cre (12 f 12) Operatins (3) Finance (3) Marketing (3) Capstne (3) Internatinal Cre (ptinal, used as electives) Gbl Strategy (2) Mng th MNE (3) Cmp Sys (3) Specializatin (18) Elective (3) Elective (3) Elective (3) Elective (3) Elective (3) Elective (3) Credits = 7 Credits = 7 Credits = 7+ Credits = 9 Credits = 6+ Credits = 9 14